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China will stick to the opening-up policy and continue to attract more foreign investment, Chinese Vice Premier Wu Yi said Thursday.

 

Addressing a seminar between senior Chinese governmental officials and leaders of well-known multinational corporations in the 10th China International Fair for Investment and Trade (CIFIT). Wu said China still values the important role of opening-up in promoting social and economic development, and will attract foreign investment in a more active and effective way.

 

She noted China's foreign investment attraction still lags behind the world's average level, and there is much to do to increase the quality and quantity.

 

According to statistics from the UN Conference on Trade and Development (UDCTAD), the per capita foreign investment China attracted in 2004 was US$47, much lower than the US$534 of developed countries and US$107 of world's average.

 

While bringing in advanced technology, qualified personnel and employment, international investment also promotes China's reform on economic structure and social development, she said.

 

Foreign-invested companies in China provided a direct employment of 25 million people and contributed to tax revenue of US$639.1 billion, taking up 20.70 percent of the national total.

 

(Xinhua News Agency September 7, 2006)